“Foreclosures, Tax Sales, and Our Troubled Economy”

 

NILES TOWNSHIP LECTURE SERIES PRESENTS:

” Foreclosures, Tax Sales, and Our Troubled Economy”

 I have been invited to be part of the panel this Thursday, October 21, 2010, 7:00 pm.

As part of the panel I prepared the following information to share with people who will be attending the lecture.

Real Estate Market in Niles Township – 12 months

The following data comes from the MLS. The author of this report makes no representation to the accuracy of the data provided by the MLS.

City Months Total Sales Short Sales Foreclosures % of Total Sales Market Time Avg Sale Price
Skokie 12 327 48 67 35% 129 $294,572
Morton Grove 12 174 23 49 41% 152 $273,883
Glenview 12 381 46 51 25% 211 $593,612
Niles 12 143 13 32 31% 201 $284,472
Lincolnwood 12 105 22 32 51% 188 $361,569

Real Estate Market in Niles Township – 24 months

The following data comes from the MLS. The author of this report makes no representation to the accuracy of the data provided by the MLS.

City Months Total Sales Short Sales Foreclosures % of Total Sales Market Time Avg Sale Price
Skokie 24 618 87 118 33% 145 $298,922
Morton Grove 24 311 47 71 38% 149 $287,633
Glenview 24 673 86 80 25% 215 $583,979
Niles 24 276 28 43 26% 194 $290,264
Lincolnwood 24 188 33 47 43% 186 $388,902

 

Summary and Conclusions:

Short Sales and Foreclosures continue to dominate the real estate market in Niles Township. During the past 12 months the total number of  sales is down compared to last year. This may be the result of several factors from loss of the  First Time Home Buyer Tax Credits, unemployment  in the area or the economy in general.

On a positive side the average sale price of homes is remaining stable. Huge price declines as a result of the number of foreclosures appears not to be affecting the Average Sale Price of Homes in the Township.

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